AAR calls TNK-BP board meeting to oust CEO

LONDON (Thomson Financial) - The Alfa-Access-Renova Group, BP Plc' s Russian partners in TNK-BP, has confirmed it is calling for a special board meeting on July 7 to remove Robert Dudley, the joint venture's chief executive. It also urged the board to appoint an 'independent' CEO to replace Dudley, added AAR, which owns 50 percent of TNK-BP. Under the pair's shareholder agreement, CEO candidates are nominated by BP, the other 50 percent shareholder, but their candidacy is approved by AAR. AAR said it will respect BP's right to nominate candidates for the role and does not intend to contest them. AAR, led by Viktor Vekselberg, Mikhail Fridman, German Khan and Len Blavatnik, has for months been demanding the resignation of Dudley, accusing him of serving only BP's interest. BP has repeatedly thrown its support behind Dudley,... [read full story]                    

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